Business
Scotiabank to Acquire DundeeWealth
Scotiabank to Acquire DundeeWealth
About this update from Dundee Corporation Class A
[{"type":"text","content":"\n\n\n\n Nov. 22, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Nov. 22 /CNW/ - Scotiabank, Dundee Corporation and DundeeWealth\n Inc. ("DundeeWealth") jointly announced today that Scotiabank has\n agreed to make an offer for all of the common shares of DundeeWealth\n that the Bank does not own. Scotiabank currently owns 18 per cent of\n DundeeWealth.\n\n\n"The acquisition of DundeeWealth demonstrates our strong commitment to\n build our wealth management presence in Canada and aligns to our global\n wealth management strategy," said Rick Waugh, Scotiabank President and\n CEO. "We have enjoyed a long and very successful relationship with both\n Dundee Corporation and DundeeWealth and there is a clear strategic\n alignment between our businesses. ScotiaFunds ranked number one in\n total net sales amongst Canadian schedule one banks in fiscal 2010, and\n DundeeWealth is the best selling and top performing independent wealth\n management group in the Canadian marketplace. Together we will provide\n clients, advisors and shareholders with even greater value. We also\n believe that Dynamic Funds, with their outstanding performance and\n breadth of products have excellent potential as we expand our global\n platform."\n\n\nThe value of the offer to DundeeWealth shareholders is $21.00 per common\n share representing an enterprise value for DundeeWealth of\n approximately $3.2 billion. Scotiabank will offer 0.2497 of a\n Scotiabank common share ...